17 W Buckingham Ave

Mount Ephraim, NJ 08059

$190,000D

2 bd · 2.0 ba · 756 sqft · Built 1925 · SingleFamily · Active · 532 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,778/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$524
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $-115/mo
• Annual: $-1,384/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• 1% rule: 0.94%
• Cash to close: $53,200

Investor read

• This is a 2-bed/2.0-bath single-family listed at $190k.
• At list price, monthly cash flow is $-115 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (6.4% below list).
• It's been on market 532 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#90 in NJ, #2,379 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A, employment A; Watch: crime D+, amenities D.
• Mt. Ephraim School District (suburban): math 19% / reading 41% proficiency, ranked #341 of 472 in NJ (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mary Bray Elementary School (math 17% / reading 37%, grade F, #795 of 1,303 statewide, top 64%, 297 students, 37% FRL); Raymond W. Kershaw School (math 27% / reading 47%, grade F, #221 of 431 statewide, top 52%, 141 students, 38% FRL).
• Watch-outs: property tax is 2.8% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,018 units permitted in Camden County in 2024 (509 in 5+ unit buildings).
• Camden County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $110k (37%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $190k implies a 322% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 39% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 532 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?